PRICESMART ANNOUNCES FISCAL 2025 SECOND QUARTER OPERATING RESULTS AND OPENING OF NINTH WAREHOUSE CLUB IN COSTA RICA
PriceSmart (NASDAQ: PSMT) reported strong fiscal Q2 2025 results with notable growth across key metrics. Total revenues increased 5.6% to $1.36 billion, while net merchandise sales grew 5.8% to $1.33 billion. The company achieved comparable net merchandise sales growth of 6.7% for the 13-week period.
Net income rose 11.4% to $43.8 million, or $1.45 per diluted share, compared to $39.3 million ($1.31 per share) in Q2 2024. Adjusted EBITDA reached $87.0 million, up from $84.1 million last year.
The company expanded its presence with the opening of its ninth warehouse club in Costa Rica, bringing the total club count to 55 across 12 countries and one U.S. territory. Foreign currency exchange rate fluctuations negatively impacted net merchandise sales by $14.7 million, or 1.2%, versus the same period last year.
PriceSmart (NASDAQ: PSMT) ha riportato risultati solidi per il secondo trimestre fiscale del 2025, con una crescita notevole in vari indicatori chiave. I ricavi totali sono aumentati del 5,6% a 1,36 miliardi di dollari, mentre le vendite nette di merci sono cresciute del 5,8% a 1,33 miliardi di dollari. L'azienda ha registrato una crescita delle vendite nette di merci comparabili del 6,7% per il periodo di 13 settimane.
Il reddito netto è aumentato del 11,4% a 43,8 milioni di dollari, ovvero 1,45 dollari per azione diluita, rispetto ai 39,3 milioni di dollari (1,31 dollari per azione) nel secondo trimestre del 2024. L'EBITDA rettificato ha raggiunto 87,0 milioni di dollari, in aumento rispetto agli 84,1 milioni di dollari dell'anno precedente.
L'azienda ha ampliato la sua presenza con l'apertura del nono club di magazzino in Costa Rica, portando il totale dei club a 55 in 12 paesi e un territorio degli Stati Uniti. Le fluttuazioni del tasso di cambio delle valute estere hanno avuto un impatto negativo sulle vendite nette di merci di 14,7 milioni di dollari, ovvero l'1,2%, rispetto allo stesso periodo dell'anno scorso.
PriceSmart (NASDAQ: PSMT) reportó resultados sólidos para el segundo trimestre fiscal de 2025, con un crecimiento notable en métricas clave. Los ingresos totales aumentaron un 5.6% a 1.36 mil millones de dólares, mientras que las ventas netas de mercancías crecieron un 5.8% a 1.33 mil millones de dólares. La compañía logró un crecimiento de ventas netas de mercancías comparables del 6.7% para el período de 13 semanas.
El ingreso neto aumentó un 11.4% a 43.8 millones de dólares, o 1.45 dólares por acción diluida, en comparación con 39.3 millones de dólares (1.31 dólares por acción) en el segundo trimestre de 2024. El EBITDA ajustado alcanzó 87.0 millones de dólares, un aumento con respecto a los 84.1 millones de dólares del año pasado.
La compañía amplió su presencia con la apertura de su noveno club de almacén en Costa Rica, llevando el total de clubes a 55 en 12 países y un territorio de EE. UU. Las fluctuaciones en las tasas de cambio de divisas impactaron negativamente las ventas netas de mercancías en 14.7 millones de dólares, o un 1.2%, en comparación con el mismo período del año pasado.
PriceSmart (NASDAQ: PSMT)는 2025 회계연도 2분기 강력한 실적을 보고하며 주요 지표에서 눈에 띄는 성장을 보였습니다. 총 수익은 13억 6천만 달러로 5.6% 증가했으며, 순상품 판매는 13억 3천만 달러로 5.8% 증가했습니다. 회사는 13주 기간 동안 비교 가능한 순상품 판매 성장률 6.7%을 달성했습니다.
순이익은 11.4% 증가하여 4,380만 달러, 즉 희석주당 1.45 달러로, 2024년 2분기의 3,930만 달러(주당 1.31 달러)와 비교됩니다. 조정된 EBITDA는 8,700만 달러에 도달하여 지난해의 8,410만 달러에서 증가했습니다.
회사는 코스타리카에 아홉 번째 창고 클럽을 개설하여 12개국과 미국의 한 영토에 걸쳐 총 55개의 클럽을 운영하게 되었습니다. 외환 환율 변동은 순상품 판매에 1,470만 달러, 즉 1.2%의 부정적인 영향을 미쳤습니다. 이는 지난해 같은 기간과 비교한 수치입니다.
PriceSmart (NASDAQ: PSMT) a annoncé de solides résultats pour le deuxième trimestre fiscal 2025, avec une croissance notable dans des indicateurs clés. Les revenus totaux ont augmenté de 5,6 % pour atteindre 1,36 milliard de dollars, tandis que les ventes nettes de marchandises ont crû de 5,8 % pour atteindre 1,33 milliard de dollars. L'entreprise a réalisé une croissance des ventes nettes de marchandises comparables de 6,7 % pour la période de 13 semaines.
Le revenu net a augmenté de 11,4 % pour atteindre 43,8 millions de dollars, soit 1,45 dollar par action diluée, comparé à 39,3 millions de dollars (1,31 dollar par action) au deuxième trimestre 2024. L'EBITDA ajusté a atteint 87,0 millions de dollars, en hausse par rapport à 84,1 millions de dollars l'année précédente.
L'entreprise a élargi sa présence avec l'ouverture de son neuvième club d'entrepôt au Costa Rica, portant le nombre total de clubs à 55 dans 12 pays et un territoire américain. Les fluctuations des taux de change des devises ont eu un impact négatif sur les ventes nettes de marchandises de 14,7 millions de dollars, soit 1,2 %, par rapport à la même période l'année dernière.
PriceSmart (NASDAQ: PSMT) hat starke Ergebnisse für das zweite Finanzquartal 2025 berichtet, mit bemerkenswertem Wachstum in wichtigen Kennzahlen. Die Gesamteinnahmen stiegen um 5,6% auf 1,36 Milliarden Dollar, während die Nettoumsätze mit Waren um 5,8% auf 1,33 Milliarden Dollar zunahmen. Das Unternehmen erzielte ein vergleichbares Wachstum der Nettoumsätze mit Waren von 6,7% für den Zeitraum von 13 Wochen.
Der Nettogewinn stieg um 11,4% auf 43,8 Millionen Dollar, oder 1,45 Dollar pro verwässerter Aktie, verglichen mit 39,3 Millionen Dollar (1,31 Dollar pro Aktie) im zweiten Quartal 2024. Das bereinigte EBITDA erreichte 87,0 Millionen Dollar, ein Anstieg von 84,1 Millionen Dollar im Vorjahr.
Das Unternehmen hat seine Präsenz mit der Eröffnung seines neunten Lagerclubs in Costa Rica ausgeweitet, wodurch die Gesamtzahl der Clubs auf 55 in 12 Ländern und einem US-Territorium gestiegen ist. Wechselkurs Schwankungen hatten negative Auswirkungen auf die Nettoumsätze mit Waren in Höhe von 14,7 Millionen Dollar, was 1,2% entspricht, im Vergleich zum gleichen Zeitraum des Vorjahres.
- Net income increased 11.4% to $43.8 million in Q2 2025
- Comparable net merchandise sales grew 6.7%
- Total revenues increased 5.6% to $1.36 billion
- Adjusted EBITDA improved to $87.0 million from $84.1 million
- Expansion with new warehouse club opening in Costa Rica
- Foreign currency exchange rate fluctuations negatively impacted net merchandise sales by 1.2%
- Export sales declined from $8.5 million to $4.0 million in Q2
Insights
PriceSmart's Q2 FY2025 results demonstrate robust financial performance across key metrics. Net merchandise sales increased
The warehouse club operator's profitability metrics are particularly encouraging, with operating income increasing to
PriceSmart's consistent expansion strategy continues with its ninth warehouse club opening in Costa Rica, bringing its total to 55 locations across 12 countries and one U.S. territory. The company also announced plans for a new club in Quetzaltenango, Guatemala, slated for summer 2025.
The membership income growth of
NET MERCHANDISE SALES GREW 5.8%
COMPARABLE NET MERCHANDISE SALES INCREASED
Second Quarter Financial Results
Total revenues for the second quarter of fiscal year 2025 increased
The Company had 54 warehouse clubs in operation as of February 28, 2025 and February 29, 2024.
Comparable net merchandise sales for the 53 warehouse clubs that have been open for greater than 13 ½ calendar months increased
The Company recorded operating income during the fiscal second quarter of
Adjusted EBITDA for the second quarter of fiscal year 2025 was
Year-to-Date Financial Results
Total revenues for the six months ended February 28, 2025 increased
Comparable net merchandise sales for the 53 warehouse clubs that have been open for greater than 13 ½ calendar months increased
The Company recorded operating income during the first six months of fiscal year 2025 of
Adjusted EBITDA for the first six months of fiscal year 2025 was
New Club Opening
The Company opened its ninth warehouse club in
Note Regarding Non-GAAP (Generally Accepted Accounting Principles) Financial Measures
The foregoing discussion of the Company's operating results includes references to adjusted EBITDA, net merchandise sales - constant currency and comparable net merchandise sales - constant currency, which are non-GAAP financial measures. We believe these supplemental measures are useful to investors and analysts because they exclude items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures are defined and reconciled to the most comparable GAAP measures later in this document.
Conference Call Information
PriceSmart management will host a conference call at 12:00 p.m. Eastern time (9:00 a.m. Pacific time) on Thursday, April 10, 2025, to discuss the financial results. Individuals interested in participating in the conference call may do so by dialing toll free (800) 549-8228 or (646) 564-2877 for international callers and asking to join the PriceSmart earnings call. A digital replay will be available shortly following the conclusion of the call through Thursday, April 17, 2025 by dialing (888) 660-6264 for domestic callers, or (646) 517-3975 for international callers, and entering replay passcode 70282#.
About PriceSmart
PriceSmart, headquartered in
This press release may contain forward-looking statements concerning PriceSmart, Inc.'s ("PriceSmart", the "Company" or "we") anticipated future revenues and earnings, adequacy of future cash flows, future dividends, omni-channel initiatives, proposed warehouse club openings, the Company's performance relative to competitors and related matters. These forward-looking statements include, but are not limited to, statements containing the words "expect," "believe," "will," "may," "should," "project," "estimate," "anticipated," "scheduled," "intend," and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to: various political, economic and compliance risks associated with our international operations, adverse changes in economic conditions in our markets, natural disasters, volatility in currency exchange rates and illiquidity of certain local currencies in our markets, competition, consumer and small business spending patterns, political instability, increased costs associated with the integration of online commerce with our traditional business, whether the Company can successfully execute strategic initiatives, our reliance on third party service providers, including those who support transaction and payment processing, data security and other technology services, cybersecurity breaches that could cause disruptions in our systems or jeopardize the security of Member, employee or business information, cost increases from product and service providers, interruption of supply chains, novel coronavirus (COVID-19) related factors and challenges, exposure to product liability claims and product recalls, recoverability of moneys owed to PriceSmart from governments, and other important factors discussed in the Risk Factors section of the Company's most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the SEC, which are accessible on the SEC's website at www.sec.gov, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date that they are made, and the Company does not undertake to update them, except as required by law. In addition, these risks are not the only risks that the Company faces. The Company could also be affected by additional factors that apply to all companies operating globally and in the
For further information, please contact Michael L. McCleary, EVP, Chief Financial Officer and Principal Accounting Officer (858) 404-8826 or send an email to ir@pricesmart.com.
PRICESMART, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED—AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) | |||||||
Three Months Ended | Six Months Ended | ||||||
February 28, | February 29, | February 28, | February 29, | ||||
Revenues: | |||||||
Net merchandise sales | $ 1,334,555 | $ 1,260,916 | $ 2,558,414 | $ 2,395,930 | |||
Export sales | 3,987 | 8,511 | 13,605 | 18,520 | |||
Membership income | 20,915 | 18,538 | 41,114 | 36,287 | |||
Other revenue and income | 4,429 | 3,985 | 8,697 | 7,688 | |||
Total revenues | 1,363,886 | 1,291,950 | 2,621,830 | 2,458,425 | |||
Operating expenses: | |||||||
Cost of goods sold: | |||||||
Net merchandise sales | 1,126,335 | 1,062,685 | 2,156,212 | 2,015,413 | |||
Export sales | 3,800 | 8,178 | 12,813 | 17,728 | |||
Selling, general and administrative: | |||||||
Warehouse club and other operations | 124,232 | 117,774 | 242,087 | 227,739 | |||
General and administrative | 43,034 | 38,809 | 85,599 | 74,248 | |||
Pre-opening expenses | 293 | 457 | 315 | 944 | |||
Loss on disposal of assets | 922 | 429 | 1,274 | 522 | |||
Total operating expenses | 1,298,616 | 1,228,332 | 2,498,300 | 2,336,594 | |||
Operating income | 65,270 | 63,618 | 123,530 | 121,831 | |||
Other income (expense): | |||||||
Interest income | 2,735 | 3,225 | 4,955 | 6,091 | |||
Interest expense | (2,538) | (3,293) | (5,233) | (6,109) | |||
Other expense, net | (5,306) | (7,036) | (12,162) | (9,162) | |||
Total other expense | (5,109) | (7,104) | (12,440) | (9,180) | |||
Income before provision for income taxes and income (loss) of unconsolidated affiliates | 60,161 | 56,514 | 111,090 | 112,651 | |||
Provision for income taxes | (16,384) | (17,259) | (29,880) | (35,412) | |||
Income (loss) of unconsolidated affiliates | (17) | 16 | (22) | 79 | |||
Net income | $ 43,760 | $ 39,271 | $ 81,188 | $ 77,318 | |||
Net income per share available for distribution: | |||||||
Basic | $ 1.45 | $ 1.31 | $ 2.66 | $ 2.54 | |||
Diluted | $ 1.45 | $ 1.31 | $ 2.66 | $ 2.54 | |||
Shares used in per share computations: | |||||||
Basic | 30,063 | 29,920 | 30,041 | 30,095 | |||
Diluted | 30,068 | 29,920 | 30,044 | 30,095 | |||
PRICESMART, INC. CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA) | |||
February 28, | August 31, | ||
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | $ 130,363 | $ 125,364 | |
Short-term restricted cash | 3,476 | 1,383 | |
Short-term investments | 116,933 | 100,165 | |
Receivables, net of allowance for credit losses of respectively | 20,400 | 18,847 | |
Merchandise inventories | 549,687 | 528,678 | |
Prepaid expenses and other current assets (includes August 31, 2024, respectively, for the fair value of derivative instruments) | 54,284 | 57,910 | |
Total current assets | 875,143 | 832,347 | |
Long-term restricted cash | 11,665 | 9,564 | |
Property and equipment, net | 954,718 | 936,108 | |
Operating lease right-of-use assets, net | 98,253 | 96,415 | |
Goodwill | 43,218 | 43,197 | |
Deferred tax assets | 36,462 | 36,618 | |
Other non-current assets (includes respectively, for the fair value of derivative instruments) | 66,346 | 61,563 | |
Investment in unconsolidated affiliates | 6,860 | 6,882 | |
Total Assets | $ 2,092,665 | $ 2,022,694 | |
LIABILITIES AND EQUITY | |||
Current Liabilities: | |||
Short-term borrowings | $ 15,340 | $ 8,007 | |
Accounts payable | 497,732 | 485,961 | |
Accrued salaries and benefits | 38,258 | 48,263 | |
Deferred income | 43,411 | 38,079 | |
Income taxes payable | 4,730 | 6,516 | |
Other accrued expenses and other current liabilities (includes 2025 and August 31, 2024, respectively, for the fair value of derivative instruments) | 57,348 | 50,035 | |
Operating lease liabilities, current portion | 7,314 | 7,370 | |
Dividends payable | 19,411 | — | |
Long-term debt, current portion | 18,261 | 35,917 | |
Total current liabilities | 701,805 | 680,148 | |
Deferred tax liability | 854 | 1,644 | |
Long-term income taxes payable, net of current portion | 4,719 | 4,762 | |
Long-term operating lease liabilities | 106,414 | 103,890 | |
Long-term debt, net of current portion | 88,850 | 94,443 | |
Other long-term liabilities (includes respectively) | 17,437 | 14,842 | |
Total Liabilities | 920,079 | 899,729 | |
Stockholders' Equity: | |||
Common stock issued and 30,756,551 and 30,635,556 shares outstanding (net of treasury shares) as of February 28, 2025 and August 31, 2024, respectively | 3 | 3 | |
Additional paid-in capital | 519,564 | 514,542 | |
Accumulated other comprehensive loss | (160,640) | (164,590) | |
Retained earnings | 932,673 | 890,272 | |
Less: treasury stock at cost, 1,933,021 shares as of February 28, 2025 and 1,935,302 shares as of August 31, 2024 | (119,014) | (117,262) | |
Total Stockholders' Equity | 1,172,586 | 1,122,965 | |
Total Liabilities and Equity | $ 2,092,665 | $ 2,022,694 | |
Reconciliation of Non-GAAP Financial Measures
The following tables calculate the Company's adjusted EBITDA, net merchandise sales - constant currency and comparable net merchandise sales - constant currency, all of which are considered non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. These measures are customary for our industry and commonly used by competitors. However, these non-GAAP financial measures should not be reviewed in isolation or considered as an alternative to any other performance measure derived in accordance with GAAP and may not be comparable to similarly titled measures used by other companies in our industry or across different industries.
Adjusted EBITDA
Adjusted EBITDA is defined as net income before interest expense, provision for income taxes and depreciation and amortization, adjusted for the impact of certain other items, including interest income and other income (expense), net. The following is a reconciliation of our Net income to Adjusted EBITDA for the periods presented:
Three Months Ended | Six Months Ended | ||||||
(Amounts in thousands) | February 28, | February 29, | February 28, | February 29, | |||
Net income as reported | $ 43,760 | $ 39,271 | $ 81,188 | $ 77,318 | |||
Adjustments: | |||||||
Interest expense | 2,538 | 3,293 | 5,233 | 6,109 | |||
Provision for income taxes | 16,384 | 17,259 | 29,880 | 35,412 | |||
Depreciation and amortization | 21,767 | 20,491 | 42,629 | 39,985 | |||
Interest income | (2,735) | (3,225) | (4,955) | (6,091) | |||
Other expense, net (1) | 5,306 | 7,036 | 12,162 | 9,162 | |||
Adjusted EBITDA | $ 87,020 | $ 84,125 | $ 166,137 | $ 161,895 | |||
(1) | Primarily consists of transaction costs of converting the local currencies into available tradable currencies in some of our countries with liquidity issues and foreign currency losses or gains due to the revaluation of monetary assets and liabilities (primarily |
Net Merchandise Sales - Constant Currency and Comparable Net Merchandise Sales – Constant Currency
As a multinational enterprise, we are exposed to changes in foreign currency exchange rates. The translation of the operations of our foreign-based entities from their local currencies into
Net merchandise sales growth rate on a net merchandise sales - constant currency basis is calculated as follows:
February 28, 2025 | |||||||
Three Months Ended | Six Months Ended | ||||||
(Amounts in thousands, except % growth) | Net | % Growth | Net | % Growth | |||
Net merchandise sales | $ 1,334,555 | 5.8 % | $ 2,558,414 | 6.8 % | |||
Unfavorable impact of foreign currency exchange | (14,736) | (1.2) % | (19,406) | (0.8) % | |||
Net merchandise sales on a constant-currency basis | $ 1,349,291 | 7.0 % | $ 2,577,820 | 7.6 % | |||
Comparable net merchandise sales growth rate on a net merchandise sales - constant currency basis is calculated as follows:
March 2, 2025 | |||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||
% Growth | % Growth | ||
Comparable net merchandise sales | 6.7 % | 6.2 % | |
Unfavorable impact of foreign currency exchange | (1.2) % | (0.9) % | |
Comparable net merchandise sales on a constant-currency basis | 7.9 % | 7.1 % | |
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SOURCE PriceSmart, Inc.
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